Credit Suisse said, "We are downgrading Kellogg to Underperform (from Neutral) primarily on the basis of valuation. We think the 10% jump in the stock since the company reported 3Q results is unwarranted given management's tepid outlook for 2013, the persistent business challenges in Europe (17% of sales) and Mexico (4% of sales), and the likelihood of a strong response from General Mills in 2013 to its recent market share losses in U.S. cereal. The devaluation of the Venezuelan currency (perhaps $0.04-$0.05 to EPS) is probably an issue as well. Eventually, we believe Kellogg will find its way back to the high quality company it once was. We just think that market is overly optimistic about how soon it will get there."